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+--- Thread: Provinces to get Rs 260.078bn additional share under 7th NFC Award in 2011-12 (/showthread.php?tid=13087)
Provinces to get Rs 260.078bn additional share under 7th NFC Award in 2011-12 - Lahore_Real_Estate - 06-04-2011 12:42 PM
* Total transfers to provinces to be Rs 1.270 trillion in 2011-12
By Sajid Chaudhry
ISLAMABAD: The federal government is to transfer to the provinces Rs 1.270 trillion under the 7th National Finance Commission (NFC) Award as revenue share and grants during the next fiscal year 2011-12, as against the Rs 1.022 trillion in the outgoing fiscal year 2010-11, projecting an increase of Rs 260.078 billion.
Share of the provinces has been enhanced from 56 percent to 57 percent under the 7th NFC Award for the fiscal year 2011-12 onwards. Punjab is to receive Rs 576.862 billion in 2011-12 against Rs 463.594 billion in the outgoing fiscal year, while Sindh is to get Rs 324.409 billion in the outgoing fiscal year.
Similarly, Khyber Pakhtunkhwa is to receive Rs 191.847 billion in 2011-12 as against Rs 156.921 billion in the outgoing fiscal year, while Balochistan is to get Rs 110.204 billion in 2011-12, as against the share of Rs 99.307 billion in the outgoing fiscal year 2010-11.
Total transfers to the provinces have been estimated at Rs 1.313 trillion in 2011-12, and the provinces would be paying back Rs 42.830 billion to the federal government as repayment of loans, interest payments and net basis provinces to receive Rs 1.270 trillion in 2011-12. Transfers to the provinces under the divisible pool to be Rs 1.043 trillion in 2011-12 against Rs 834.664 billion in the outgoing fiscal year.
Straight transfers to the provinces to be Rs 159.388 billion in 2011-12 against Rs 163.037 billion in the outgoing fiscal year. Transfers to provinces from special grants and subvention to be Rs 55.430 billion in 2011-12 against Rs 54.060 billion in outgoing fiscal. Project loans worth Rs 38.239 billion to be transferred to provinces in 2011-12 as compared with Rs 21.929 billion loans in the outgoing fiscal.
The provinces are to receive Rs 16.632 billion worth programme loans and Rs 90 million under the Japanese grant. The provinces are to pay Rs 15.638 billion back as interest payment and Rs 27.192 billion as repayment of loans to the federal government in 2011-12.
Provincial share in the federal revenues in 2011-12 is to be Rs 407.924 billion income tax, Rs 437.404 sales tax, Rs 85.977 billion federal excise on gas, Rs 112.627 billion customs duties, Rs 14.879 billion royalty on crude oil, Rs 32.140 billion royalty on gas, Rs 24.427 billion gas development surcharge, Rs 15.359 billion excise duty on natural gas, Rs 72.583 billion GST on services.